Problem 14-05 In each of the following independent cases, the company closes its books on December 31. Oriole Co. sells $470,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to o decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cash Paid Date Interest Expense Carrying Amount of Bonds Discount Amortized 3/1/20 $ $ S S 9/1/20 3/1/21 18,800 18,800 18,800 9/1/21 3/1/22 18,800 18,800 9/1/22 3/1/23 18,800 9/1/23 18,800 Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to o decimal place required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 3/1/20 3/1/21 Prepare all of the relevant journal entries from the time of sale until December 31, 2022. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to o decimal places e.g. 58,971. If no entry required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 6/1/20 12/1/20 12/31/20 6/1/21 10/1/21 (To record interest expense and premium amortization) 10/1/21 (To record buy back of bonds) 12/1/21 12/31/21 12/31/21 6/1/22 3212 12/1/22 Click if you would like to Show Work for this question: Open Show Work